By Andrea Heisinger
Omaha, June 11 - Florida Power Corp., which does business as Progress Energy Florida, Inc., priced $1.5 billion first mortgage bonds (A2/A-/A+) on Wednesday, an informed source said.
The $500 million 5.65% 10-year bonds priced at 99.639 to yield 5.698%, or Treasuries plus 163 basis points. They have a make-whole redemption option of Treasuries plus 25 bps.
The $1 billion 6.4% 30-year bonds priced at 99.578 to yield 6.432%, or Treasuries plus 175 bps. They have a make-whole redemption option of Treasuries plus 30 bps.
Bookrunners were Barclays Capital Inc., Citigroup Global Markets Inc. and RBS Greenwich Capital.
Proceeds will be used to redeem or retire at maturity notes due in November, to repay the outstanding balance of notes payable to affiliate companies and for general corporate purposes.
The energy company and its subsidiaries are based in Raleigh, N.C.
| Issuer: | Florida Power Corp. d/b/a Progress Energy Florida, Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $1.5 billion
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., RBS Greenwich Capital
|
| Trade date: | June 11
|
| Settlement date: | June 18
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A+
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | June 15, 2018
|
| Coupon: | 5.65%
|
| Price: | 99.639
|
| Yield: | 5.698%
|
| Spread: | Treasuries plus 163 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
|
|
| 30-year notes
|
| Amount: | $1 billion
|
| Maturity: | June 15, 2038
|
| Coupon: | 6.4%
|
| Price: | 99.578
|
| Yield: | 6.432%
|
| Spread: | Treasuries plus 175 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
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